Los Angeles Daily News:Condo market surges--
High demand, prices fuel construction, conversions

In the San Fernando Valley during March the median price of a condo soared an annual 19 percent, to a record $352,000, but sales rose 32.2 percent, to 493 transactions, the third-highest monthly total ever. By comparison, the median price of a single-family home hit a record $525,000.
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Every time I see these SoCal prices I have to look twice to make sure it says what I saw the first time. The median price of a CONDO is $352,000?? And sales are up by almost one-third? I would not want a variable rate mortgage on one of those. When the economy slows condos are the first properties to suffer, and if interest rates go significantly higher the combination of those two circumstances could spell trouble for a lot of people living in the Valley.